Contract Performance Guarantees are essential security instruments in German commercial practice, particularly in complex business transactions and construction projects. This document type is utilized when one party (the beneficiary) requires financial security for the performance obligations of another party (the principal). A Contract Performance Guarantee provides this security through a third party (typically a bank) that guarantees payment up to a specified amount if the principal fails to meet their contractual obligations. Under German law, these guarantees must comply with specific formality requirements and typically include detailed provisions regarding the trigger events, claim procedures, and payment terms. They are particularly common in construction contracts, large supply agreements, and international trade transactions where the parties seek additional security for performance obligations.
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1. Parties: Identification of the Guarantor (typically a bank or financial institution), the Beneficiary (party receiving the guarantee), and reference to the Principal (party whose performance is being guaranteed)
2. Background: Context of the guarantee, including reference to the underlying contract or obligation being guaranteed
3. Definitions: Key terms used in the guarantee document, including 'Guaranteed Obligations', 'Maximum Liability Amount', and 'Guarantee Period'
4. Guarantee: Core section detailing the guarantee commitment, maximum amount, and nature of the guarantee (conditional or unconditional)
5. Duration: Validity period of the guarantee, including effective date and expiry conditions
6. Claims Procedure: Process and requirements for making claims under the guarantee, including any notice requirements
7. Payment Terms: Timing and method of payment upon valid claims, including currency and bank account details
8. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
9. Governing Law and Jurisdiction: Explicit statement of German law as governing law and jurisdiction provisions
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Assignment and Transfer: Include when transfer rights need to be specifically addressed or restricted
3. Counter-Indemnity: Include when the guarantor requires specific indemnification from the principal
4. Force Majeure: Optional section addressing circumstances that might affect the guarantee obligations
5. Language: Required when the guarantee is bilingual or when specifying which language version prevails
6. Dispute Resolution: Include when specific arbitration or alternative dispute resolution procedures are required
7. Electronic Execution: Include when the guarantee may be executed electronically or in counterparts
1. Schedule 1 - Underlying Contract Details: Copy or summary of the main contract being guaranteed
2. Schedule 2 - Form of Demand: Template for making claims under the guarantee
3. Schedule 3 - Performance Standards: Specific performance criteria that trigger the guarantee, if applicable
4. Appendix A - Authority Documents: Copies of authority documentation for the guarantor's signatories
5. Appendix B - Bank Details: Payment account details for claims under the guarantee
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